Luck often plays a major role in bangernomics!
Some people can be winners and some others can be losers.
But with some cars (eg. Jaguars), probability of losing money is very high.
|
Tim,
The X type was initially only offered as all wheel drive and then later a front wheel drive option was added. As far as I know it has never been offered in rear wheel drive.
(anorak mode off).
|
I have a work colleage who did something very similar to the OP's mate - after years of having pretty top of the range BMW company cars he started out on his own and was very please with himself when he bought a BMW 728i for £3K.
Within days something had gone wrong with the climate control and it would only blow max-heat. Estimate to fix was...£3K (although, I've told this story elsewhere and been told it should be possible to fix for a lot less). Anyway, he was certainly driving around with all the windows wide open for some time!
|
My plans for the day are out of the window, ended up going to a scrapyard to get a new door latch and a reverse switch. Oh the joys of bangers.
|
|
The climate control on my Barge has stuck on 21.5 deg - fortunately it warms up to that and A/C cools it down to that so I am leaving well alone.
|
|
The heater vents are permanently open on the 405, so in summer I stuck a cornflake packet in the heater intake, and it wasn't too bad. Lovely now...
|
|
|
|
>>Oh the joys of bangers.
You are driving a banger. In this day and age, a far cry from bangernomics - which isn't about running nasty cars, expensively (as both you and OP's mate do).
There are 123 cars listed on autotrader between £500 and £1,000 engine size 1.6-1.9 litres, UNDER SEVEN years old.
Mondeos, Primeras, Xsaras, Vectras.
And 116 engine size 1-1.3 litres with the same spec.
Most of these will be cars you wouldn't need to touch for three years, save for changing the oil (and cambelt). Let alone faffing about with scrap yards (use eBay, they'll be delivered to your front door, ordered from the comfort of your armchair).
|
I was recently reading the book "Undercover Economist". It has an excellent description why it is tricky to buy used cars.
When a seller is selling a used car, he has more information about the car than the buyer. So, buyer assumes that there is a fault in the car (for which seller wants to get rid of it) so offers less. Seller, aware of the fault, agrees at a cheaper price. This reduces the overall price of sold vehicles. Now sellers of cars which are in really excellent condition are put off by such a low price. So, they hold their cars on. As a consequent, only "faulty" cars will flood the market. This will further reduce buyers' confidence and price will go down. So, the author concludes that it is very difficult to buy a good used car at cheap price! (just because people will sell lemons and hold on peaches)
Ok, like all economic theories. this is not a gospel. For example, some very good cars will come into market as owners won't be able to meet monthly payment.
But at least it explains why you need to be lucky to buy a used car :)
Edited by movilogo on 25/11/2008 at 16:38
|
Mapmaker you don't seem to understand the concept of very high insurance premiums for young male drivers in Manchester. 1.6 Mondeo £120 a month, 1.6 Premeria £130 a month, compared to £66 I am currently paying.
|
|
Movilogo - that's why buying cars from the deceased's estate is a good one. They are often well-cared for.
|
- that's why buying cars from the deceased's estate is a good one. Theyare often well-cared for.
Agreed! In my case, the deceased's family donated his car to a charity used car lot, which is where I found my New Yorker. One advantage of buying from a charity lot is you pay no sales tax, so I got the car for...ummm...click currency converter...a shade over 800 pounds sterling. Brilliant!
|
|
Mapmaker you don't seem to understand the concept of very high insurance premiums for young
Rattle, quit trolling, because I specifically mentioned small cars for you.
There are 116 cars listed on autotrader between £500 and £1,000 engine size 1.0-1.3 litres, UNDER SEVEN years old.
Kas, Fiestas etc. Surely one of them would do for you, rather than the alleged wreck you (allegedly) persist in taking to the garage weekly at ruinous expense.
There are even 5 Matizes (sub-7-years, sub-£1,000) with engines smaller than a pint and a half.
|
|
|
|
>>When a seller is selling a used car he has more information about the car than the buyer. >>
That is only the first falacy in the economist's argument. A seller is just as likely to be completely ignorant about the car. He may simply be trading on because he wants a more modern car, or getting rid of it on the basis of misinformation gained from his mate in the pub.
The buyer on the other hand might have done his research, consulted more knowledgeable friends for common faults, looked up magazine articles, etc, and be prepared to judge a car on inspection.
You only have to look at a typical reason for a car changing hands;
Seller - car now has what he panics into thinking is a "high" mileage, and imagines lots of horrendous bills approaching.
Buyer - sees a car with a nice healthy motorway mileage, running well, and knows he can fix any of the standard items that might need doing in the next few years.
Result - the seller sells in ignorance, the buyer buys with knowledge and experience.
|
A seller is just as likely to be completely ignorant about the car ...
Hardly. The chance of a buyer knowing anything about a seller's vehicle (except in general terms) is just about zero. Many, perhaps most, cars for sale privately will have been owned by their sellers for some time, who may well (as many backroomers have stressed) be selling for a good reason. But your point must be valid for forecourt cars which have been traded in. A few may have been maintained at that garage, but the 'sellers' there are unlikely to know much about them.
|
|
|
|
|
|
|
|
